New to The Street introduces its latest segment, “The Business of Blockchain,” with TV Host Jane King. Verda Ventures sponsors the topic: “Microlending on the Blockchain.” Jane King investigates the new blockchain microlending platforms that give the working poor access to capital and a chance for success. A panel of guests, Jia’s Zack Mark, CEO/Co-Founder, Huma Finance’s (“Huma”) Jaou Toure, Head of Business & Operations, and Verda Ventures’ Alex Witt, General Partner, are with Jane at the Nasdaq MarketSite Studio discussing the importance in microlending and its positive results. Jane introduces a “Case-Study” of a Kenyan spice merchant, Francis Njorogo, who uses Jia’s microlending blockchain platform to obtain working capital for spice inventories. Jia transformed Francis’ business and life, enabling his spice business to generate more revenue through better inventories. His successful growth has earned him more money and allowed him to purchase land to build a home. Jia has also helped a medical facility purchase needed supplies and a school purchase books and paid teachers. Jaou Toure, Head of Business & Operations of Huma, a blockchain-based decentralized lending protocol, believes the blockchain will revolutionize global capital markets. Transactional speed, transparency, trust, and efficiency when utilizing a blockchain lending platform give people worldwide opportunities and a layer of equity not available through legacy lending methods. Zack Mark, CEO/Co-Founder of Jia, discusses how he met Francis Njorogo during his visit to a Kenya public market. He describes how he saw the inefficiency of Francis’ spice business and introduced Francis to Jia for microlending capital needs. Jia has lending capacities at various amounts depending on a client’s needs. Alex Witt, General Partner at Verda Ventures, wants to inform US lawmakers of the importance of blockchain microlending platforms and for lawmakers and others to look beyond the FTX collapse and grasp the understanding of how the blockchain can advance small business owners’ access to business capital.
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